Avison Young Closes $13 Million Sale of 63,000 SF Office Portfolio, Secures One of the Highest PSF for Suburban Office in Broward County

Florida Chapter Transaction Leader John Crotty reports that Avison Young’s Florida Capital Markets Group completed the $13 million sale of a two, multi-tenant office building portfolio totaling approximately 63,000 square feet. The offices are located at 1040 Weston Road and 1625 North Commerce Parkway in the high-barrier-to-entry city of Weston, FL.

Avison Young Principals, including John K. Crotty, CCIM represented the seller during the sale to Highline Real Estate Capital, LLC.

“In addition to the properties’ excellent location in South Florida, we highlighted the assets’ stability and upside potential through rent growth to attract aggressive investors,” one team member reported. “At approximately $206 per square foot, we secured one of the highest prices per square foot for suburban office in Broward County and successfully sold both properties to one buyer.”

The sale represents the second and third office buildings the trio has sold this year in Weston, Broward County’s strongest suburban office market, the sum of sales totaling $27.1 million. Earlier this year, the team closed the $14.1 million sale of the nearby Change Healthcare regional headquarters facility.

“Office asking rents in Downtown Fort Lauderdale continue to climb, causing businesses to consider space options in suburban submarkets,” said Crotty. “As such, we’ve achieved a notable track record for sales in Weston as buyers actively seek to strategically invest in the area.” Crotty is an active member of the Florida CCIM Chapter’s Miami-Dade/Monroe District.

According to Avison Young’s third quarter 2017 Broward Office market report, overall vacancy decreased to 10.71 percent within class A and B office space across the county fueled by the strength of South Florida’s economy and steady job growth. Southwest Broward, which includes Weston, experienced the most positive absorption during the period.